According to a new market report published by Credence Research, Inc., “Global Chatbots (By Type (Standalone Chatbots and Web-based Chatbots), By End-use (Large Enterprise and Small & Medium-sized Enterprise)) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022” the global chatbots market was valued at US$ 88.3 Mn in 2015, and is expected to witness an exponential growth during the forecast period 2016 – 2023.

Market Insights

A chatbots is an interactive chat robot based on artificial intelligence that is designed to simulate human conversation. Chatbots pop up on messaging services helping users in wide range of applications including flight booking, order take-out or call a ride among others. The rise of chatbots has begun eight years after Apple introduced its online shop for mobile apps. Chatbots are considered as the applications of voice interfaces. According to the research conducted by Credence Research, Inc., chatbots have potential to leapfrog mobile apps to become major medium for digital communication and commerce. Thus, we can expect enterprises of all sizes to adopt chatbots platforms the same way they are embracing IoT and mobile platforms.

The global Chatbots market is highly technology driven, requiring vendors to invest substantial amount in research and development. Some of the leading players identified in the research study include Microsoft Corporation (the United States), Facebook, Inc. (the United States), Amazon.com, Inc. (the United States), Yahoo, Inc. (the United States), Google, Inc. (the United States), Apple, Inc. (the United States), Haptik, Inc. (the United States and India) and Helpshift (the United States) among others. Increasing numbers of start-ups are investing in chatbots with an aim of ruling bot commerce. While the chatbots market is still in the nascent stage of development, the race for leading enterprise chatbot platform guarantees to be exciting. In the current scenario, three participants in the ecosystem that are in a position to offer enterprise chatbot solutions include messaging platform vendors, voice platform vendors, and chatbot platform start-ups. The global chatbots market is driven by technology developments and innovation. The competitive rivalry among current market players is comparatively high as every player is seeking to gain first movers advantage in the market.